cash receipt and payments as per income tax provision
This query is : Resolved
venkat reddy gopidi
(Querist)
09 September 2009
Dear Friends
Would you please what are the modalities or precausions to be taken while accepting the cash from Debtors and others and payments to creditors as per the provisions of Income Tax Act 1961
Would you please what are the modalities or precausions to be taken while accepting the cash from Debtors and others and payments to creditors as per the provisions of Income Tax Act 1961
CA CHINTAN AJMERA
(Expert)
09 September 2009
No precaustion is required for accepting cash but precaustion is require when u make payment to creditor for goods or creditor for exp. or unsecured loan, the payment can not exceed rs 20000 to the same person in one day.
10 September 2009
yes, agree with expert
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